Housing Society shakes up asset mgt strategy

The HK$13.6 billion ($1.7 billion) Hong Kong Housing Society has just restructured how it invests its assets, boosting its commitment to long-term portfolios and revamping its management team to favour specialist mandates. It got fed up with relying exclusively on balanced fund managers for its medium- and long-term investments, particularly because they tended to underperform in the recent bear markets. So it fired Allianz Dresdner Asset Management, Baring Asset Management, Citigr…